Cooper falls on reduced sales forecast

LOS ANGELES (MarketWatch) -- Shares of Cooper Companies Inc. dropped in after-hours trading after the company lowered its sales forecast for the year in its second-quarter earnings report.

Cooper
COO, +1.68%
fell by as much as 8.8% after earnings were released after the close of daytime trading. In recent action, Cooper shares were down to $61.20 from a New York Stock Exchange closing level of $64.44, a 5% dip.

The company reported net income of $29.5 million, or 62 cents a share, for the period ended April 30, compared with $21.7 million, or 61 cents, for the same period a year ago. Sales were $215.8 million, up from a year-ago $120.6 million.

Analysts expected the company to report earnings of 74 cents a share for the quarter, but Cooper said it would have recorded earnings of 81 cents a share excluding acquisition and restructuring expenses.

Cooper, however, lowered its guidance on revenue for the fiscal year to a range of $828 million to $837 million, down from its previous forecast of $840 million to $850 million. The company had made that earlier forecast on May 5.

The Lake Forest, Calif.-based maker of contact lenses and diagnostic tools said changes in foreign exchange rates, adjustments in inventory channels and changes in its CooperVision Inc. subsidiary's revenue forecasts accounted for the drop in sales.

Analysts polled by Thomson First Call had projected the company would report sales of $840.6 million for 2005.

But Cooper raised its earnings forecast to a range of $3.18 to $3.24 a share, up from earlier predictions of $3.08 to $3.18.

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